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etherealtruth

(22,165 posts)
6. here is a link
Mon Oct 3, 2016, 08:42 PM
Oct 2016
http://www.npr.org/2016/10/02/496303458/how-donald-trump-could-have-not-paid-income-taxes-for-18-years

The forms show that in 1995, Trump claimed a business loss of nearly $916 million. Much of that likely resulted from Trump's business losses in previous years, including money-losing casinos in Atlantic City and the Trump Shuttle airline.

At the time, the tax code allowed such losses to be "carried forward" up to 15 years, offsetting income and reducing or even eliminating tax liability and carried backward on income up to 3 years prior. (The allowance has since been changed to carry forward 20 years and carry back 2 years.) The code is particularly flexible when it comes to real estate professionals like Trump.


The losses cited on Trump's 1995 return were so massive, he could have earned up to $50 million dollars a year for nearly two decades without owing any income tax.
Latest Discussions»Retired Forums»2016 Postmortem»Was Trump's $916,000,000 ...»Reply #6